 | I've heard horror stories of people losing funds when depositing to the wrong network on Binance. However, in this specific instance I did everything right when depositing BNB to Binance on the Ethereum network. The problem is that once received to the Binance wallet, the BNB was for some reason converted to WBNB which is not supported on the Ethereum network. Obviously, I should have sent a smaller amount first to test. No need to remind me of that. Really—if you're thinking of commenting that I should have sent a smaller amount first as a test, I'd like to ask you a favor and please refrain. I already know. But aside from that, this was not my mistake. I properly sent BNB from MetaMask to Binance on the Ethereum network to the correct address. I'm now on my third deposit recovery application right now after my first two were rejected. I really hope the current application is successful, but I'm considering the options for if it is not including some legal action. Here's how it happened. On 18 February, I swapped 3 ETH for BNB within MetaMask (which was about $10,000 USD at the time, which is why I use that figure in the post title). Here's that BNB swap in MetaMask: I then found out that I could not use the BNB on sites like PancakeSwap, since the BNB now in my MetaMask wallet resides on the Ethereum network. I looked at Binance and saw that there is the option to deposit on the Ethereum network. Here's what the notice says: So I figured I'd send the BNB to Binance where it would be converted to the mainnet, then send it back to MetaMask. I copied the address and sent the BNB as instructed. I carefully checked that I had the correct coin, network and wallet address. Now again, I know I should have sent a test amount first. Hindsight is so great, right? But the reason I didn't was because I had already successfully sent plenty of ETH using the EXACT same method and wallet address. I didn't think of it as a new kind of transaction, even though I obviously should have. Within MetaMask, the transaction appeared like this: After a few minutes the worry started to set in. After a few hours, I knew there was a problem. I immediately submitted a deposit recovery application. After 2 days, the application was rejected stating that I had claimed the wrong coin, and the correct coin was WBNB. This was honestly the first time I ever heard about WBNB, I had no idea what that was before. So, after doing some research and learning about WBNB, I submitted a new application to recover my WBNB from the Ethereum network the same day. A few days later, I got a notice from Binance asking me to "resubmit materials," which turned out to mean they wanted to know the wallet address to send the recovered funds, which I provided. After that, the application entered the status "Processing funds," with a notice that it could take up to 30 days. I was fine with that. I could wait. Then today suddenly, I got notice that Binance is "unable to handle your Uncredited Deposit Application." The application details have only the remarks "collection failed." Here is the wallet which I sent what I was certain was BNB to. It shows a balance of 21 WBNB, which is the amount I sent (under the impression that it was BNB). This address is obviously dedicated to my Binance transactions, because the only other transaction there is also mine, an ETH transfer to Binance. That same wallet address is still the same one Binance asks me to send deposits to them (though I doubt I'll be doing that), meaning the wallet is open and active. Binance holds the wallet and private keys, and is perfectly capable of accessing the wallet. This means they are perfectly able to recover the funds, even if it won't be easy or fast. Binance has proven many times that when they want to do something, they do it. What I'm saying here is, I don't buy the argument that it's impossible to recover the funds. I even have the watch-only wallet to keep an eye on it: Anyway, I've got the third application open now which I hope somehow resolves. Meantime, I'm preparing other avenues of contact and getting legal advice on my options. I'd appreciate thoughts on this, and also I wonder where in the process what clearly appeared as BNB in MetaMask turned out to be WBNB? [link] [comments] |
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